Short interest in the Direxion Daily MU Bull 2X Shares (NASDAQ: MUU) experienced a remarkable increase of 51.8% in December 2023. As of December 15, the total short interest reached 849,296 shares, up from 559,314 shares reported on November 30. This surge indicates a growing bearish sentiment among investors regarding the fund’s performance.
Trading Volume and Stock Performance
The average daily trading volume for MUU is 1,022,931 shares, resulting in a current short-interest ratio of 0.8 days. Notably, approximately 23.3% of total shares are currently short sold, reflecting significant investor activity.
On Monday, shares of MUU traded up by $0.23, reaching $100.64 during midday trading. A total of 522,754 shares changed hands, slightly below the average volume of 685,313. The stock has seen considerable fluctuations over the past year, with a low of $6.77 and a high of $104.80. Its current 50-day moving average stands at $76.20, while the 200-day moving average is at $45.80.
Dividend Announcement and Fund Overview
In addition to the increase in short interest, Direxion recently announced its quarterly dividend, scheduled for payment on December 31. Shareholders on record as of December 23 will receive a dividend of $0.3775 per share, representing an annualized dividend of $1.51 and a yield of 1.5%.
The Direxion Daily MU Bull 2X Shares is an exchange-traded fund that primarily invests in equity within the information technology sector. It provides 2x leveraged exposure to the daily price movements of shares of Micron Technology, Inc.. Launched on October 10, 2024, the fund aims to capture significant gains for investors looking to benefit from Micron’s market activity.
As investors continue to monitor the dynamics of the tech sector, the recent spike in short interest highlights the ongoing volatility and investor sentiment surrounding technology stocks, particularly those associated with semiconductor manufacturing.
